Cars24 Co-Founder Mehul Agrawal Takes a Leave of Absence Amid Senior-Executive Departures

Cars24 Co-Founder Mehul Agrawal Steps Down from Operating Role

Mehul Agrawal, co-founder of used-vehicle marketplace Cars24, has announced his decision to step down from an operating role at the company. This move comes as the IPO-bound company is actively preparing for a public listing. Agrawal's decision was announced on LinkedIn, where he stated that he would be stepping back from his operating role but would continue to serve as a member of Cars24's board.

This development follows closely on the heels of another high-profile exit at Cars24, as co-founder Gajendra Jangid recently announced his decision to step away from his executive role as the company's chief marketing officer. Just two days prior to Agrawal's announcement, Jangid had revealed his plans to exit his executive role. In March, the company's chief executive for India, Himanshu Ratnoo, resigned from his position, which he had taken on in 2024. Ratnoo's role has since been absorbed into the group CEO and co-founder Vikram Chopra's responsibilities.

Cars24's H1FY26 results, announced in January, showed a significant jump in adjusted net revenue, which rose 18% year-on-year to ₹651 crore. The company's adjusted Ebitda burn also fell by 36% to ₹162 crore. These results come as the company is considering a public listing within the next 6-12 months, as announced by Chopra in a post on X.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Cars24 was founded in 2015 by Agrawal, Jangid, Chopra, and Ruchit Agarwal as a digital marketplace for buying and selling pre-owned vehicles. The company has since grown to become a unicorn, with a valuation of $3.3 billion in 2021. Ahead of its anticipated IPO, Cars24 has been on an acquisition spree, picking up automobile community platform Team-BHP in 2025 and vehicle information platforms CarInfo and Vehicle Info in an effort to deepen its relationship with customers beyond the point of sale.

Cars24 currently operates across India, the UAE, and Australia, competing with other established players in the market, including Spinny, CarDekho, and CarTrade. The company claims that 11 million users visit the Cars24 platform every month.